GREEN BONDS - SNCF

GREEN BONDSREPORTING

2019

SNCF RÉSEAU GREEN BONDS REPORTING 20192 3

CONTENTS

05 REPORTING AND METHODOLOGY OF THE GREEN BONDS PROGRAMME INDICATORS

P.30_MAP OF PROJECTS FINANCED 2018 BY THE GREEN BOND 2019 ISSUE

P.31_MAP OF PROJECTS FINANCED 2019 BY THE GREEN BOND 2019 ISSUE

P.32_DETAILED REPORT PER CATEGORY

P.34_CATÉGORY 1 Investments in maintenance, modernisation and energy efficiency projects of the rail system

P.35_GLOBAL OVERVIEW

P.36_ONE STEP FURTHER

04 ALLOCATIONOF NET PROCEEDS

P.22_STRUCTURE OF THE SNCF RÉSEAU GREEN BONDS PROGRAMME

P.22_PREPARATION OF THE SNCF RÉSEAU GREEN BONDS PROGRAMME

P.23_CATEGORIES OF ELIGIBLE PROJECTS

P.24_THE ALLOCATION IN DETAIL

P.25_DESCRIPTION OF THE FUND MANAGEMENT POLICY

P.26_AUDITORS ASSURANCE REPORT

02 ECOLOGICAL TRANSITION AND RAIL INFRASTRUCTURE

P.10_THE “CLIMATE” BENEFITS OF RAIL IN THE FIGHT AGAINST CLIMATE CHANGE

P.12_THE SNCF RÉSEAU CARBON APPROACH

P.12_EMISSIONS CALCULATION METHOD

P.13_SNCF RÉSEAU EXTRA-FINANCIAL RATINGS

03 SNCF RÉSEAU’S “GREEN BONDS FUNDING”

P.16_A “CLIMATE BONDS INITIATIVE” CERTIFIED ISSUE

P.18_GREEN EMISSIONS DU GROUPE SNCF RÉSEAU

01 INTRODUCTION TO SNCF RÉSEAU

P.06_SNCF RÉSEAU AND THE FRENCH RAILWAY NETWORK

P.07_A CREDIT RISK EQUIVALENT TO THAT OF THE FRENCH STATE


As a creator of connections, SNCF Réseau is a service provider whose function is to manage railway infrastructure in France. It caters to maintenance requirements and allocates network capacity among the many rail sector players, working in the general interest and in response to the energy transition challenge.

Tram at Villetaneuse-Université station

01INTRODUCTION TO SNCF RÉSEAU


Standard & Poor’s Moody’s Ficth

– An opening-up to competition, from 1/01/2020 on competitive activities (TAGV and intercity), and gradually between 2023 and 2039 on the activities covered by the agreements (TER, Transilien).

– The ending of EPIC status for that of SA with public capital.

– A debt assumption of €35bn divided into two tranches, the first on 1 January 2020 (€25bn), the second in 2022 (€10bn).

– Increased productivity efforts at the level of SNCF Réseau SA activity.

In any case, SNCF Réseau: – performs a public sector mission and

enjoys a natural monopoly position with no risk of deregulation;

– has been included on the “Government Related Entity” list by the European commission since 2002 and is eligible for the ECB Public Sector Purchasing Programme.

– SNCF Réseau has been considered as an ODCA since 2019. As such, its debt is consolidated in that of the French State in the terms of Maastricht’s standards.

TURNOVER PER BUSINESS LINE IN 2019

TRAFFIC IN 2019

A CREDIT RISK EQUIVALENT TO THAT OF THE FRENCH STATE

Until 31 December 2019, as a 100% State-owned public entity, SNCF Réseau benefits from the strong support of the French State based on its legal status (EPIC).– As an EPIC, SNCF Réseau: is not subject

to private-sector bankruptcy law;– could only be dissolved by an amending

law transferring its rights and obligations to another public entity.

As a result of the June 2018 railway reform, this situation changed with effect from 1 January 2020.For SNCF Réseau, the main changes are as follows:– The transformation of SNCF Réseau

into a public limited company (SA) with a 100% indirect State-owned and non-transferable shareholding (enshrined in the law).

– The transfer of the Stations & Connections activity (station management) to SNCF Réseau SA.

SNCF RÉSEAU AND THE FRENCH RAILWAY NETWORK

SNCF Réseau owns and manages the French national rail network.

SNCF Réseau’s main responsibilities:– ensuring fair access to the rail network

for 29 rail transport companies and 12 regional transport authorities;

– organising and developing rail traffic: 15,000 trains circulate daily, transporting more than 5 million passengers per day;

– ensuring the maintenance and enhan-cement of the network SNCF Réseau is one of the leading investors in France with 3.0 billion euros invested in 2019;

– ensuring the development of the network.

With its 53,800 employees, SNCF Réseau has generated a turnover of 6.5 billion euros with an operating margin (EBITDA - earnings before interest, tax, depreciation and amortisation) of 1.9 billion euros and a net result of -0.6 billion euros in 2019.

6.5BILLION EUROS

9%Other

5%Intercity trains

2%Freight

5%Freight

36%TER

54%Regional trains (TER and Transilien)

13%Transilien

9%Other

40%High-speed trains & Intercity trains

27%High-speed trains

RATING AGENCIES LONG TERM SHORT TERM

Standard & Poor’s AA A-1+

Moody’s Aa2 P-1

Fitch AA F1+ 442

MILLION TRAINS-

KILOMETRES

SNCF-Réseau learn more


02ECOLOGICAL TRANSITION AND RAIL INFRASTRUCTURE

Maintenance engineer

As the most eco-friendly mode of transport, railway transport has a critical role to play in the transition to a low carbon economy.


TGV, Lyria, IDTGV, Ouigo 1.73 Train / RER IDF 4.1 Intercites 5.29 Eurostar, Thalys, Alleo, Elipsos, Gala 4.7 to 7.2 TER 24.8 Passengers Long distance bus 35 Car, long-distance journey 88 Car, short-distance journey 138 Plane, medium and short haul flights 141 Intercity bus 137

Grammes equivalent CO2 per passenger-km

Rail 1.24 Electric - 28 Diesel Maritime 32.5 River 35 Freight Truck 152 Air 3,440

Grammes equivalent CO2 per tonne-km

THE “CLIMATE” BENEFITS OF RAIL IN THE FIGHT AGAINST CLIMATE CHANGE

In France, rail transport, which accounts for 10% of traffic (freight and passengers), emits less than 1% of all GHG emissions from transport.

BREAKDOWN PER SOURCE OF GHG EMISSIONS (EXCLUDING LULUCF1) IN FRANCE IN 2017

GHG EMISSIONS PER MODE OF TRANSPORT IN FRANCE AS A % (INCLUDING FOD)

Thus, any modal shift from air and road to rail is greatly beneficial to the GHG emissions balance sheet, given that transport in France accounts for close to 30% of total GHG emissions of France (i.e. 134.1 MtCO2eq).

Moreover, the advantages of rail transport are not limited to low levels of CO2 emissions. There are other benefits such as lower air pollution, fewer accidents, optimised use of space, less noise and a lower negative biodiversity impact.

This can be explained by:– the low amount of energy needed

for rail traction (wheel-rail contact vs tyre-road);

– mass-transport; – the high use of electricity (78% of trains

use electric traction), only 8% of which is generated by fossil fuels in France.

GHG EMISSIONS PER MODE OF TRANSPORT

0 20 40 60 80 100 120 140 160 180 200 220

0 20 40 60 80 100 120 140 160 180 200 220 3,000 3,500

Source : Methodological note GHG information for transport services 2019, ADEME 2020 carbon base.

Agriculture

Utility vehicles

Two-wheelers

Heavy goods vehicles

Private vehicles

18.9%

19.3% 1.2%

21.4%

53.2%

3% Energy consumption

Off-road vehicles

78.1%

4.8%

2.8% French air transport

10.9% Energy industry

29.7% Transport

1.7% River and maritime transport

17.8% Manufacturing and construction industry

19.7% Tertiary/Residential

0.3% Rail transport

Waste material

1. LULUCF: Land use, Land Use Change and Forestry. Source: Citepa, june 2017.


Knowing the carbon impact of its activities enables SNCF Réseau to build a prioritised action programme to reduce direct and indirect emissions related to infrastructure works :– By systematically carrying out carbon

assessments: in 2020, SNCF Réseau intro-duced TUVALU, a carbon measurement tool adapted to rail projects;

– By developing eco-design: to reduce the costs and CO2eq emissions of its projects, SNCF Réseau wants to scale its projects to meet its needs as closely as possible.

– By developing the circular economy: infrastructure materials account for the majority of the company’s emissions. To reduce this impact, SNCF Réseau wants to reduce its supply of new products by reusing or recycling its removed products. From 2020, SNCF Réseau will set up a short loop to manufacture new rails from rails that have been removed.

– By speeding up the energy transition of road and rail vehicle fleets: SNCF Réseau is looking for alternatives to combustion engines.

As early as 2015, SNCF Réseau carried out an initial Bilan Carbone® of a track renewal project (RVB) using a «Suite Rapide» factory train (90 kms between Narbonne and Montpellier).

In 2017, a second Bilan Carbone® of RVB was carried out between Gevrey and Sennecey in «Suite Rapide».

Thanks to the emissions avoided by the modal shift, rail transport is an essential contri-butor to the climate policies implemented in France. The positive impact of its activity enables SNCF Réseau to guarantee a «carbon return» on its renovation invest-ments within about 5 years.

Nevertheless, rail network maintenance is an industrial activity, with high CO2eq emissions. SNCF Réseau’s projects require materials whose production and transport are accompanied by significant carbon emissions.

To improve the environmental efficiency of the railway, SNCF Réseau has set itself the target of reducing its energy consumption by 20% and its carbon emissions by 25% over the period 2015-2025.

To achieve this, SNCF Réseau has carried out work to measure its CO2eq emissions from all its activities.This initial analysis made it possible to identify the company’s main sources of GHG emissions:– Manufacturing the materials needed to

maintain and renovate the rail network ;– Activities of the work providers;– Energy consumption of buildings;– Energy consumption of rail and road

vehicle fleets, etc.

To measure the carbon impact of projects eligible for Green Bond funding, SNCF Réseau uses extrapolation values per million euros (m€) invested.

The ratios used for this extrapolation are likely to change from one year to the next, depending on the studies carried out by SNCF Réseau.

The results obtained from this analysis are used to refine the impact calculation methodology by establishing a specific emissions ratio for investments related to Rail Equipment Renewal operations.

This resulted in two new footprint ratios for the work carried out on the track and the catenary.

In 2018, SNCF Réseau carried out the carbon balance sheet of a Rail Equipment Renewal operation at Austerlitz station.

THE SNCF RÉSEAU CARBON APPROACH

Reflecting this policy and CSR strategy, SNCF Réseau is monitored by two extra-financial rating agencies, Vigeo

and ISS ESG, which have awarded it the ratings given in the table below.

SNCF RÉSEAU EXTRA-FINANCIAL RATINGS

RATING RATING POSITION OF SNCF RÉSEAU AGENCIES

Vigeo 70/100 2nd from a panel of 49 European companies in the logistics/transport sector.

ISS-ESG B- 2nd rom a panel of 45 Global companies in the transport infrastructure management sector.

developed comprehensive measures such as programmes to reduce local pollution, in order to uphold its commitment to this issue”

The latest ratings reports from these two agencies are available on the SNCF Réseau website.

The rating obtained from Vigeo for the environmental aspect (73/100) is accompanied by the following comment:

“SNCF Reseau’s absolute performance in the Environment domain is advanced, in line with the previous review. The Company’s environmental strategy covers all its responsibilities in terms of environmental protection and comprehensive resources are allocated to environmental management, including ISO 14001 certification covering all its production sites (…). The Company’s energy consumption and CO2 emissions normalised to sales have decreased in the 2016-2018 period (…). Lastly, concerning local pollution, the Company engages with external bodies and

EMISSIONS CALCULATION METHOD

Vigeo ISS-ESG


A record year:3 billion «Green» euros raised on markets including the first centenary Green Bond issue in the world

03 SNCF RÉSEAU’S “GREEN BONDS FUNDING”

Pont de la Corde in Plouénan, Bretagne - Finistère - MorlaixMorlaix Roscoff line


In order to define the most stringent standards in terms of green financing and to thus become a global point of reference in the transport sector, the bond issue launched by SNCF Réseau is in line with the Green Bond Principles 2018 (GBP) and has also been awarded Climate Bonds Initiative (CBI) certification, by ISS-ESG.

To reward the exceptional quality of its impact reporting, SNCF Réseau was awarded a Green Bond Pioneer award by the Climate Bonds Initiative (CBI) in March 2019. This award recognises the transparency and clarity with which SNCF Réseau communicates with its investors. Already rewarded for its 2016 issue, this is the second award that SNCF Réseau has received for the publication of a Green Bond impact report.

Lastly, SNCF Réseau, as a member of the GBP and the Finance for Tomorrow initiative, by Paris Europlace fully participates in the discussions and market developments of Green Bonds.

SNCF Réseau is also a founding member of the Corporate Forum for Sustainable Business.

The proceeds from this green bond have been used to finance the renovation of the structural network and develop new projects.

In 2019, approximately 55% of SNCF Réseau’s debt issues on the financial markets were in Green Bond format. SNCF Réseau Green Bonds are included in the Barclays MSCI Green Bonds Index.

In 2019, SNCF Réseau, owner and manager of the French rail network, rated AA (S&P) / Aa2 (Moody’s) / AA (Fitch), launched two public issues of green bonds for a total of €2 billion with:– In January, a €500m issue

with a 10-year maturity;– In June, a €1.5 billion issue

with a 17-year maturity.

In addition, in August 2019, SNCF Réseau issued the market’s first centenary Green Bond. It is a private placement of €100m and matures in 2119.

Finally, in 2019, SNCF Réseau issued several of its Green Bonds to the amount of €950m.

These include the following operations in particular:– In April, the ‘2047’ bond was issued

twice for €250m and €100m, followed in September by a €250m subscription;

– In May, June and August, three issues of the ‘2029’ bond for €100m each, followed in August by a fourth issue of €50m.

In line with its commitment to becoming a benchmark on the Green Bonds market, SNCF Réseau has carried out, in less than a year, 10 debt transactions in Green Bond format, for a total amount of €3.05 billion, making it one of the largest 2019 issuers on the Green Bond market in France and worldwide. This is also a record for the company.

Due to their extreme granularity, no projects eligible for Green Bonds in category 3 (biodiversity and natural resources) were selected. Nevertheless, SNCF Réseau funds a very large number of projects every year to protect biodiversity and natural resources.

Moreover, eligible projects in the first two categories generally include provisions for the protection of biodiversity and natural resources.

TYPOLOGY AND GEOGRAPHICAL DISTRIBUTION OF 2019 INVESTORS

Asia

1.7%SRI investors

34%Scandinavia

1.5%

Switzerland

Italy

Netherlands

United Kingdom

2.1%

8.4%

5.5%

14,2 %

Others

France

Germany

3.5%

40.8%

22.2%

Others

66%

A “CLIMATE BONDS INITIATIVE” CERTIFIED ISSUE

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2052

2060

2061

2062

2115

2119

€850MIssue €50M Issue €100M Issue €100M Issue €100M

Public issue €500M

€1,350MIssue €250M Issue €100M Issue €250M



Public issue €1,000M

Public issue €1,500M Private placement €100M

2016 issues 2017 issues 2019 issues

Green Bonds

SNCF RÉSEAU RAPPORT GREEN BONDS 201918 19

SNCF RÉSEAU’S GREEN BONDS ISSUESIN MILLIONS OF EUROS (on 31 December 2019)


The revenue from Green Bond issues was allocated to projects to renew and modernise the structural network.

04 ALLOCATION OF NET PROCEEDS

Between Villefranche-de-Conflent and Latour-Carol, the Gisclard Bridge, on the Yellow Train line


The 2016 version of the Green Bonds programme (Green Bond Framework) is available on the SNCF Réseau website.

The Second Party Opinion, issued by ISS-ESG, confirms the compliance of the SNCF Réseau Green Bonds framework with the ICMA Green Bond Principles (2018).

The 2019 version of this Second Party Opinion (SPO) is available on the SNCF Réseau website.

Lastly, the SNCF Réseau Green Bonds programme complies with with Low Carbon Transport Eligibility Criteria (V1.0). established by the CBI. Oekom Research is also responsible for verifying the compliance of this alignment on behalf of the CBI. The 2017 version of this certification awarded by ISS-ESG is available on the SNCF Réseau website.

The green bonds issued by SNCF Réseau have the same characteristics as conventional bonds in terms of credit risk.

Nevertheless, they have some additional characteristics in terms of reporting obligations, monitoring the correct allocation of funds to eligible projects and assessment of the environmental impact of eligible projects.

PREPARATION OF THE SNCF RÉSEAU GREEN BONDS PROGRAMME

CLIMATE BONDS

CERTIFIED BOND “ISSUE”

Drawing on best market practices, the framework developed by SNCF Réseau is also based on the 4 pillars structure developed in 2016 by the ICMA Green Bond Principles.

1. The International Union of Railways (UIC) has established a method to classify lines depending on the traffic loads supported by the infrastructure as well as the type of traffic. Group UIC 1 corresponds to lines with very heavy loads, and at the opposite end of the scale, group UIC 9 corresponds to lines with very light loads. The main lines of the French railway network are in UIC groups 1 to 4. The major lines with lighter loads fall under UIC groups 5 and 6. The lines with low loads in the UIC groups 7 to 9 correspond to the regional network in general.

The proceeds of the Green Bond were allocated to investments corresponding to one of the following three categories.

Category 1

Category 2

Category 3

CATEGORIES

OF ELIGIBLE PROJECTS

INVESTMENTS RELATED TO MAINTENANCE, UPGRADE AND ENERGY EFFICIENCY OF THE RAIL SYSTEM

Projects to renovate tracks and traction power supply infrastructure, and signalling system upgrades. The projects eligible for this category necessarily concern investments for the renovation of the core network, consisting of the most used and 100% electrified part of the network (lines in UIC groups 1 à 41).

INVESTMENTS RELATED TO NEW LINES AND LINES EXTENSIONS

Projects related to new lines and line extensions, improving access to the network for passengers and freight mobility. For example LGV Est européenne, LGV SEA, LGV BPL, LGV CNM...

OTHER INVESTMENTS LINKED TO GLOBAL CLIMATE CHANGE CHALLENGES, PROTECTION OF BIODIVERSITY AND NATURAL RESOURCES

Projects related to the protection of biodiversity and natural resources surrounding SNCF’s existing network.

STRUCTURE OF THE SNCF RÉSEAU GREEN BONDS PROGRAMME

SNCF-Réseau Green Bonds


In 2017, SNCF Réseau reviewed the rules for selecting assets eligible to be financed in the second category of the Green Bonds Programme: “investments related to new lines and line extensions”.

From 2018, SNCF Réseau will take into consideration a project’s investments without taking into account any delays in settlement of its grants (acquired grants vs collected grants) to facilitate tracking of net investments over time.

THE ALLOCATION IN DETAIL

The following table shows the allocation of the issuance of Green Bonds for 2019 according to the three eligible investment categories.

Définitions– «Real»: all of the group’s equity investments.– The «Real Green Bonds» scope: amount of investments actually made.– «Green Bonds Allocation»: allocation by category of revenues from the year’s issues.– «To be allocated»: amount of eligible investments not yet financed in 2020.

This situation can be explained by the absence of Green Bonds funding raised on the markets during 2018.

SNCF Réseau has a very large portfolio of projects eligible to be financed by its Green Bonds in 2019 (€3.4bn of projects), so it has not been necessary for SNCF Réseau to invest all the funds raised in 2019 in SRI vehicles (FCPs, SRI SICAVs, bank deposit certificates or bank balances).

DESCRIPTION OF THE FUND MANAGEMENT POLICY

Green bond scope

1,303

1,0841833600

17614735336

1,479

Allocation

710

5901002000

17614735336

886

To be allocated

593

494831600

00000

593

Green bond scope

1,366

1,025197361080

22562314750

1,591

2016 2017 2018 2019

Maintenance and upgrade

Tracks & switchesSignallingTraction power supply infrastructureTunnels, bridges and Earthworks (Engineering)Others

New lines and line extensions

LGV Est Phase 2SEABPLCNM

TOTAL

Allocation

1,508

1,17021540830

22662314750

1,734

To be allocated

451

3496512250

–0000

451

Green bond scope

1,424

961233151790

–0000

1,424

Allocation

0

00000

00000

0

To be allocated

1,875

1,3102981631040

–0000

1,875

Investments

2,714

1,663362165171351

5527343

2,769

Green bond scope

1,528

1,068269126640

–0000

1,528

Allocation

3,181

2,2235302711570

00000

3,181

To be allocated

222

1553719110

–0000

222

TEMPORARY MANAGEMENT OF PROCEEDS (IN M€) & VALUE DATE

7/4/19

6

6

8/13/19

120

-6

120

8/14/19

180

300

10/2/19

360

660

10/7/19

-240

420

12/24/19

-420

0.44

12/31/19

0.44

Date

SICAV ISR

Investments CC

SOUS-TOTAL

INVESTMENTS IN M€


The Guidelines comprise the following documents:– the Green Bond Framework prepared

by SNCF Réseau and included in the Second Party Opinion issued by the non-financial rating agency ISS-oekom prior to, and after the Green Bond issue; and

– the methodological guide for the Green Bonds program “Evaluer l’impact carbone des investissements d’infrastructures ferroviaires - Septembre 2017” (hereinafter “the Methodological Note”) prepared by SNCF Réseau with the consulting firm Carbone 4 which are available on SNCF Réseau’s website.

AUDITORS ASSURANCE REPORT

SNCF Réseau appointed KPMG to give a independent assurance on selected information disclosed in the green bond report.

Extract from the conclusion of the KPMG assurance report:In compliance with the engagement entrusted to us, we hereby provide a limited assurance conclusion on whether the information (hereinafter “the Verified Information”) published in the Green Bonds Report 2019 relating to the Green Bonds issued by SNCF Réseau (hereinafter “the Annual Report”) has been presented, in all material respects, in accordance with the Guidelines defined below.

Project compliance with the Green Bonds eligibility criteria which comply with the criteria of the Climate Bond Standard

Allocation of proceeds from the Green Bonds to eligible projects

Description of proceeds management policy

Total carbon impact of the expenses financed by Green Bonds” indicator

§ “Allocation Table” on part “04/ Allocation of net proceeds”, on page 25

§ “Allocation Table” on part “04/ Allocation of net proceeds”, on page 25

§ “Description of the fund management policy” on part “04/ Allocation of net proceeds”, on page 25

Table of § “Global overview” on part “05/ Reporting and methodology of the Green Bonds programme indicators”, on page 35

Green Bond Framework - § “2.1 Use of Proceeds”

Green Bond Framework - § “2.1 Use of Proceeds” and § “2.3 Selection Process”

Green Bond Framework - § “2.4 Management of Proceeds”

Methodological Note

Conclusion We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Based on the procedures performed, nothing has come to our attention that causes us to believe that the Verified Information is not presented fairly in the Annual Report, in all material respects, in accordance with the Guidelines, including with regard to:

– compliance of the projects mentioned in paragraph “Table of Allocations” on page 25 with the eligibility criteria defined by SNCF Réseau in its Green Bond Framework which comply with the criteria of the Climate Bond Standard;

– allocation of proceeds from the Green Bonds to the eligible projects mentioned in paragraph “Table of Allocations” on page 25;

– the description of the proceeds management policy mentioned in paragraph “Description of the fund management policy” on page 25;

– the “Total carbon impact of the expenses financed by Green Bonds as of December 31st 2019” indicator mentioned in paragraph “Global overview” on page 35.

Independence and quality controlWe apply International Standard on Quality Control 1 and accordingly maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants.

MANAGEMENT’ RESPONSIBILITY WITH REGARD TO THE VERIFIED INFORMATION

VERIFIED INFORMATION RELEVANT SECTION OF THE ANNUAL REPORT RELEVANT SECTION OF THE GUIDELINES


05 REPORTING AND METHODOLOGY OF THE GREEN BONDS PROGRAMME INDICATORS

SNCF Réseau has developed a specific method for measuring the impact of its rail network renewal and line creation policy, in terms of greenhouse gas emissions and protection of resources.

TGV Est high-speed line


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MAP OF PROJECTS 2019 FINANCED BY THE GREEN BOND 2019 ISSUE

Engineering works and earthworksCatenaries

SwitchesRailway environment (acoustic treatment / land clearance / fencing...)

Installation of signalling/centralised network commandTracks, including “Suite Rapide”

Electrified line

UIC line 1 to 4

High-speed line

Other line

Projects relating to:

CDG Express network development projects

Most of the projects presented on this map are for an amount greater than or equal to €1 million.

Most of the projects presented on this map are for an amount greater than or equal to €1 million.

Engineering works and earthworksCatenaries

Switches

Installation of signalling/centralised network command

Tracks, including “Suite Rapide”

Electrified line

UIC line 1 to 4

High-speed line

Other line

Projects relating to:

Railway environment (acoustic treatment / land clearance / fencing...)


1. Carbone 4 is an independent consulting firm specialised in low carbon strategy and adaptation to climate change.2. This methodology is available at sncf-reseau.fr/fr/finance-durable.3. The scope of this summary covers all direct and indirect emissions upstream and downstream of the works carried out,

but does not cover the operation and maintenance of the infrastructure in question.

CARBON IMPACT OF THE PROJECTS FINANCED BY THE

GREEN BOND

IMPACT OF THE DEVELOPMENT

OF NEW RAIL LINE PROJECTS

IMPACT OF RENEWAL

PROJECT

CARBONE FOOTPRINT

CARBONE FOOTPRINT

EMISSIONS AVOIDED

EMISSIONS AVOIDED

DETAILED REPORT PER CATEGORY

In 2019, the FETI* ratio has not changed. The calculation of this ratio is mainly based on a catenary life cycle analysis (LCA) carried out by SNCF Réseau. In order to take into account the CO2 emissions linked to the energy used, the organisation of the worksite and the transport of the materials needed to replace the catenaries, the Catenary ratio uses the data from the RVB reference carbon balance. The modification of the reference RGB carbon balance between 2017 and 2016 has therefore changed the IFTE catenary ratio. The latter increased in 2017 from 86 tCO2eq/€M to 90 tCO2eq/€M.

In 2019, the signalling ratio did not change. The calculation of this ratio is based on monetary emission factors, available on the ADEME carbon base.

Evolution of the avoided emissions ratioThe avoided emissions extrapolation ratio is based on the analysis of the modal shift of financially representative renewal projects.

In 2017, 10 renewal projects were analyzed to construct this ratio. The calculation used an average value for the consistency of the projects analysed. The value of the ratio was 108 tCO2eq avoided/€M. The CO2eq impact of these 10 projects was re-evaluated in 2019 to integrate the real value of the consistency of the operations. In addition, SNCF Réseau expanded its calculation base in 2019 with 16 additional projects. The new extrapolation ratio is therefore calculated on 26 renewal projects. The cumulative amount of these 26 projects is approximately €1.2 billion. The extrapolation value used in 2019 has therefore evolved from 108 to 141 tCO2eq avoided/€M.

In 2020, SNCF Réseau wants to consolidate this ratio by analysing 10 additional projects.

To measure the carbon impact of projects eligible for Green Bond funding, SNCF Réseau uses extrapolation values per million euros (€M) invested. The large number of projects carried out each year does not allow the company to deal with the impact of each project on a case-by-case basis.

Several extrapolation ratios per million euros invested are established to calculate the carbon footprint and carbon avoidance of renewal projects as well as new line projects.

The ratios used for this extrapolation are likely to change from one year to the next, depending on the studies carried out by SNCF Réseau.

Changes in ratios related to the carbon footprintGreen Bonds financing for renewal projects is divided between track, catenary and signalling works.

In 2016, SNCF Réseau produced a first extrapolation ratio for its work, based on the Bilan Carbone® of a track renewal project (RVB) by a «Suite Rapide» factory train (90 kms between Narbonne and Montpellier).

In 2017, the value of the Track ratio was modified compared to 2016, by taking into account the results of the Bilan Carbone® of an RVB operation carried out between Gevrey and Sennecey. The Track ratio has increased from 361 tCO2eq/€M to 456 tCO2eq/€M. This difference of 95 tCO2eq/€M can be explained by a more precise measurement of certain RBV phases.

The carbon assessment carried out in 2018 on the Austerlitz Rail Equipment Renewal operation enabled SNCF Réseau to produce a new emissions ratio and to specify its method for calculating the carbon footprint. This new ratio has a value of 88 tCO2eq/€M invested.

– the calculation of the carbon footprint consists of establishing a summary of Greenhouse Gas emissions resulting from a line renewal or creation project3, according to existing carbon analysis methods.

– the calculation of the emissions avoided by a line renewal or creation project consists of comparing the emissions from the transport system in both scenarios, one without the execution of the project, and the other with it.

As defined in the methodology, the carbon impact of projects financed by Green Bonds is calculated by subtracting avoided emissions from emissions generated by projects.

In order to highlight the positive conse-quences of the projects financed by its issuance of Green Bonds, SNCF Réseau wished to quantify the impact of these projects in the fight against greenhouse gas emissions. To achieve this, SNCF Réseau, in collaboration with Carbone 41, has drafted a specific methodology2 that establishes the principles and method used to calculate the carbon impact of these projects.

The carbon impact is obtained by comparing the carbon footprint (emissions resulting from the project) with the emissions avoided (during the project operation phase):

* The FETI ratio: Fixed Electric Traction Installations.


CATEGORY 1 INVESTMENTS IN MAINTENANCE, MODERNISATION AND ENERGY EFFICIENCY PROJECTS OF THE RAIL SYSTEM

CARBON FOOTPRINT (in thousand tonnes of tCO2eq)

Signalling

530

201

2,986

-2,785

Switches

418

37

2,468

-2,431

Traction

271

24

1,525

-1,501

Engieenring

157

72

888

-816

TOTAL

3,181

1,157

18,331

-17,174

Tracks

1 805

823

10,464

-9,641

EXPENSES FINANCED BY GREEN BONDS 2019 (m€)

... ALLOCATED TO EXPENSES FINANCED BY THE GREEN BONDS



AVERAGE CARBON NEUTRALITY TIME OF REPAIR PROJECTS

2.7 YEARS

AVOIDED EMISSIONS (in thousand tonnes of tCO2eq)

CARBON IMPACT (footprint - avoided emissions) (in thousand tonnes of tCO2eq)

Therefore, in total, the expenses financed by the Green Bonds 2019 reduce the GHG emissions of the transport system by 16.5 million tonnes equivalent CO2.

The carbon impact of the SNCF Réseau Green Bonds 2019 is equivalent to the carbon footprint of approximately 12,000 French citizens over forty years.

GLOBAL OVERVIEW

The total carbon impact allocated to expenses financed by the Green Bonds 2019 is obtained by adding: – the carbon footprint of construction

projects;– the total emissions avoided by

the projects financed by the 2019 Green Bonds.

Project carbon footprint 1,157,386 tCO2eq

Emissions avoided by Green Bonds financing – 18,331,293 tCO2eq

Carbon impact (Footprint - Emissions avoided) of Green Bonds financing – 17,173,907 tCO2eq

Category

Investments in railway maintenance, modernisation and energy efficiency projects

Indicators

Resource protectionPercentage of recycled and reused railsPercentage of ballast reused in «Suite Rapide»Volume of wooden sleepers recovered (tonnes)

Results

100%

30 à 50%

65,000

TOTAL CARBON IMPACT OF THE EXPENSES FINANCED BY THE GREEN BONDS 2019 (OVER FORTY YEARS)

OTHER IMPACTS OF EXPENDITURE FINANCEDBY THE 2019 GREEN BONDS

CARBON IMPACT OF THE RENEWAL EXPENSES FINANCED BY GREEN BONDS

Details of calculations, assumptions, estimations and extrapolations, as well as source data with their years, are available in the SNCF Methodological Guide “Evaluating the carbon impact of a Green Bonds programme dedicated to investors in railway infrastructure” available at www.sncf-reseau.fr


All of the documents related to this Green Bonds programme (Green Bonds Framework, Second Party Opinion, etc.) are available on the SNCF Réseau website, in the section “SRI/Green Bonds”

All the information concerning the SNCF Réseau CSR policy is available on the dedicated pages of the SNCF Réseau website

The SNCF Réseau CSR report (2018)

The SNCF Réseau Green Bonds programme methodology

All CSR reports, indicators, and methodologies can be accessed on the dedicated page “Reports and indicators”

ONE STEP FURTHER

Find all the «Sustainable Finance» documentation on the SNCF Réseau website

Documentation related to our Green Bond Programme

sncf-reseau.com/en/entreprise/newsroom/sujet/green-bonds- sncf-reseau-pioneers

The SNCF Réseau responsible activity report

sncf-reseau.com/fr/plaquette/ rapport-activite-responsable-2018

The Green Bonds methodology

sncf-reseau.com/en/entreprise/newsroom/sujet/green-bonds- sncf-reseau-pioneers

All CSR reports

sncf-reseau.com/en/promises

The SNCF Réseau CSR policy

sncf-reseau.com/en/promises


Certain Statements in this document are forward-looking, including Statements concerning SNCF Réseau’s plans, ob-jectives, goals, strategies, future events, future revenues or performance, capi-tal expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends SNCF Réseau anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. By their nature, forwardlooking Statements in-volve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking Statements will not be achieved. SNCF Réseau does not make any representation, warranty or prediction that the results anticipated by such forward-looking Statements will be achieved, and such forward-looking State-ments represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward looking Statements speak only as of the date on which they are made. Any opinions ex-pressed in this document are subject to change without notice and SNCF Réseau does not undertake any obli-gation to up-date or revise any forward looking State-ment, whether as a result of new informa-tion, future events or otherwise. Not for distribution into the United States.

In the United Kingdom, this document is being distributed only to, and is di-rected at (a) persons who have profes-sional experience in matters relating to investments falling within article 19(5)

This document is being furnished to you solely for your information on a confiden-tial basis and may not be reproduced, re-distributed or passed on, in whole or in part, to any other person.

This document does not constitute or form part of any solicitation, offer or in-vitation to purchase or subscribe for any securities issued by SNCF Réseau and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment what-soever. Accordingly, it is not directed to the specific investment objectives, finan-cial situation or particular needs of any re-cipient. You should consult with your own legal, regulatory, tax, business, invest-ment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in SNCF Réseau securities) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this docu-ment.

No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoe-ver on, the fairness, accuracy, comple-teness or correctness of the information or opinions contained herein. None of SNCF Réseau, or any of its affiliates, ad-visers or representatives shall have any liability whatsoever (in negli-gence or otherwise) for any loss howsoever ari-sing from any use of this document or its contents or otherwise arising in connec-tion with this document.

DISCLAIMER

serve any such restriction. Any failure to comply with these restrictions may consti-tute a violation of the laws of any such other jurisdiction. This document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemp-tion from registration under the Securi-ties Act. Neither this document nor any copy thereof may be retained by you or reproduced, redistributed or passed on, in whole or in part, to any other person. By attending the presentation you agree to be bound by the foregoing restrictions.

of the Financial Services And Mar-kets Act 2000 “FSMA” (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities falling within article 49 of the Order, and other persons to whom it may be lawfully be communicated or(c) qualified investors as defined in s86(7) of the FSMA (all such persons together being referred to as “Relevant Persons”). Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

In France, this document will be not distri-buted or caused to be distributed and will not be distributed or caused to be distri-buted to the public in France, and any distribution of this document have been and will be made in France only to (a) providers of investment services relating to portfolio management for the account of third parties, and/or (b) qualified inves-tors (investisseurs qualifiés), other than individuals, all as defined in, and in accor-dance with, Articles L.411-1, L.411-2, and D.411-1 to D.411-3 of the French Code monétaire at financier.

This document is an advertisement and not a prospectus for the purposes of ap-plicable measures implementing Direc-tive 2003/71/EC (“Prospectus Directive”). Neither this document nor any copy thereof may be taken or trans-mitted or distributed, directly or indirectly, into the United States or to a U.S. Person [as de-fined in Rule 902 of Regulation S under the Securities Act of 1933, as amended (the “Securities Act”)]. The distribution of this document in other jurisdictions may be restricted by law and persons into to whose possession this document comes should in-form themselves about, and ob-

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